Share loss to be first set-off to determine what Gross Total Income consists of under explanation to section 73

CIT Vs. Darshan Securities Pvt. Ltd. (Bombay High Court)- During the assessment year, the assessee returned an Income of Rs. 2,25,04,588 from service charges. The assessee had a loss of Rs.02,23,32,127 in share trading. The assessee had a dividend income of Rs. 4,79,325/­. The assessee claimed that in computing the gross total income for the purpose of the explanation to Section 73, the income from service charges had to be adjusted against the loss in share trading.

It was held by the Honorable HC that  gro

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